FIRST TIME HOME BUYERS ~ Advice and Helpful Tips
“Buying is cheaper than renting in 100 of the largest metro areas by an average of 37.4%.” – Source: Trulia
The recent report from Trulia also listed five reasons why owning a home makes financial sense:
- Security – Mortgage payments are fixed while rents can rise
- Equity – Paying money to yourself can be a financial resource later.
- Wealth Builder – Without paying capital gains.
- Mortgage – A Disciplined way to have a savings account.
- Generally homeowners can enjoy greater wealth growth than renters.
ARE YOU READY TO TAKE THE PLUNGE?
It’s a big step and can be at once terrifying and exhilarating. Take a look below at some very important advice on the steps that can get you better prepared before you take the plunge.
1. SAVE OFTEN and SAVE a LOT for your down payment.
- Set aside tax refunds and work bonuses
- Set up an automatic savings plan
- Use an app to track your progress
2. Vet all Your Mortgage Options and Explore the Terms
- Compare Adjustable and Fixed
- Factor in Amount of Down Payment
- Factor in Length of Your Mortgage
3. Determine What You can Afford BEFORE You Start Looking
- Use a Home Afforability Calendar to Run Your Numbers
4. Credit Check to See Where you Stand
- Order it and then avoid any new activity to prevent a dip
- Look for any errors and dispute
- Pay down some debt so your score goes up
5. Get a PRE-APPROVAL Letter
- Prequalifying really makes sure you are all set and are looking in the right price points
- Pre Approval is not Prequalifying. Make sure it’s Pre Approval the closer you get to purchasing.
55+ HOME BUYERS ~ Advice and Helpful Tips
LOADS OF OPTIONS
There are options like never before for 55+ home buyers largely in part to the population explosion in this age bracket. The number of 55+ Americans will continue to rise. Today’s 55+ homebuyers are often still in the workforce fully committed to their careers. While others are opting to retire. No matter where you fall in this continuum, Lee will love working with you, and help you strategically navigate the wide variety of choices you have.
Do an analysis of your current and your future financial standing
- What will your post retirement income look like
- Factor in property taxes, homeowner’s insurance possible HOA dues and house maintenance
Define Your Motivation
- Are you downsizing?
- Lifestyle Change? Looking to get into an over 55 communities
- If you own a home and sell before you purchase, you can use any gains from the sale of your current house to pay for a smaller, more affordable house.
NOTE: A mortgage lender is prohibited by the Equal Credit Opportunity Act from discriminating against you because of age.